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I applied for Penfed and DCU loans for a new truck for my husband, and they said we are approved/conditionally approved pending additional information. They want VIN etc for the vehicle we are choosing, but we are still shopping around for the best price. Will they give us the amount we are approved for and interest rate without this, or do we need to pick a vehicle first?? Trying to narrow it down, but it also depends on what we are approved for! I got approved thru USAA for 50k at 4.5%...Should I assume it'll be similar at Penfed and DCU? Score was 720. TIA!
Amy
I have and love USAA. However, my auto loans are with PenFed because they beat USAA for me.
I would recommend calling PenFed and talking to a customer service rep. They should be able to give you the information you seek.
It seems a bit backward with PenFed but they have been great to work with...
The other nice thing about PenFed is that they will re-finance your car (if purchased new, current model year) at the new car rate for 12 months.
So, if you take the USAA loan, check back with PenFed in 6-7 months and see if they can beat the rate.
It is very hard to predict your APR without know all of your actual FICO scores, DTI, salary etc. My guess is you should be able to beat USAA.
Once you have your approval from DCU, call them up. Tell them you don't have an exact vehicle in mind yet, and would like to use their Auto Loan Check option.
https://www.dcu.org/loans/auto-loan-check.html
Click on the Details tab on this page to see how it works.